How Is Financial Aid Eligibility Determined?

Most financial aid is awarded based on your financial need. That is, the difference between the cost of attendance (COA) — which includes tuition, fees, books and living expenses to attend a particular college — and what you and your family are expected to pay toward those costs, known as your expected family contribution, or EFC.

Once you determine your college’s COA and your family's EFC has been established, the college can determine your financial aid eligibility.

Your eligibility is affected by whether you’re:

• someone else's dependent,
• over a certain age or
• filing independent tax returns.

Regardless of your college costs, your EFC will stay the same for determining state and federal aid, but may differ for campus-based funds. Also, you may be eligible for different amounts of aid at different schools.

What Your Family is Expected to Contribute

The FAFSA asks for information about you, your family, your finances and college plans, and this information is used to estimate the amount that you and your parents can reasonably contribute toward your education. Your earnings and reported assets are considered in calculating your EFC.

Within three weeks of mailing your FAFSA (three days if you file online), you'll receive an estimate of your EFC listed at the top of your SAR. Your school's financial aid office will review this initial estimate to determine your eligibility for aid. Be sure to review your SAR carefully and return it to the federal processor immediately if you need to make corrections.

If you or your parents can't meet your EFC, or if your family’s finances change substantially, contact your financial aid office. Be prepared to provide supporting documents.